One-Liners -- For The Archives -- March 20, 2020

Census: my daughter is wondering why the census is not delayed until later this autumn; a lot of folks are going to be dead from coronavirus between now and then. 

EOG says it would be impractical to cap Texas crude oil production.

Texas Railroad Commission chairman opposed OPEC-style oil production cuts.

Petrobras suspends refinery sales.

I see folks using the word "recession" more often. I mentioned to another individual that "depression" is my concern. He thought I was nuts. In the past 24 hours, since mentioning that, I've seen "depression" used at least twice in reference to the current oil shock - market meltdown. Not all agree on the definition but it's pretty well agreed that two consecutive quarters with negative growth constitute(s) a recession. The definition of a depression is much, much more difficult. At best, whereas a recession is measured in weeks/months, a depression is measured in years and, some say, an unemployment rate of 20% or greater. I think a recession is the worst of our worries.

Illinois governor: issues statewide "stay at home" order. We will know if he's serious if he shuts down O'Hare airport. He said that people could only go to grocery stores, gas stations, and pharmacies (as well as exercise outdoors). Airports, it seems, in Illinois need to be shut down, according to the governor's directive, except for cargo planes and planes that are simply transiting (no passenger boarding or deplaning). A lot of gang-bangers are going to take up outdoor exercising.

Citi sees a 40% contraction in US oilfield services.

Dow tumbles another 900 points.

It just dawned on me. The reason I dislike airports and flying so much is that each one of us going through airport security is considered a potential terrorist. Likewise, when I pick up a carton of eggs I'm either thought of as another hoarder, or someone harboring, OMG, coronavirus.

I notice Amazon has run out of household cleansers but still plenty of books available for same-day delivery.

Well, off to my evening trip to the grocery store to see how things are going.

Later: pretty bad shape; pretty well picked over. No eggs; there was some milk but not the "brand" Sophia drinks; the meat department is doing an incredible job trying to keep up; plenty of fish; no rice; plenty of produce; no bread on the shelves, but plenty of bread in the bakery; beans/chili (in cans) pretty much sold out. There was more than enough for me, but I'm not finicky. Sophia is very, very finicky. This is probably the least well-stocked store in the half dozen in our area, not including Target or Walmart.